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GOP, Democrats Spin Tax Plan

Republican leaders on Wednesday agreed on a revised plan to cut taxes that would lower the corporate rate from 35% to 21% and drop the top individual rate for the richest Americans to 37%, according to GOP senators and others briefed on the deal.

The tentative accord marked a significant step in the Republican push to have a tax bill on President Trump’s desk by Christmas. Leaders did not release details of the compromise or the text of a final bill as negotiations continued.

“It’s critically important for Congress to quickly pass these historic tax cuts,” Trump said Wednesday, promising that Americans could begin to reap the benefits of the plan as early as February, if passed.

Critics, however, said the latest changes — particularly the lowering of the top individual rate from the current 39.6% — only reaffirmed several independent analyses that show the bulk of the savings from the Republican plan would go to businesses and the wealthy.